Savings account: Secure Trust Bank launches new deals – how much interest could you earn? | Personal Finance | Finance
Savings accounts are struggling to create decent returns for savers at the moment as interest rates remain at rock bottom levels. Despite this, new deals are regularly being launched to attract customers through boosted rates, accessibility and service.
Last week, Secure Trust Bank launched a new notice account for new and existing customers, alongside its existing range, providing savers with a choice of products at “competitive rates” to meet savings goals.
Secure Trust Bank detailed a 120 day Notice Account Day 0.75 percent is now available immediately.
Additionally, it noted other notice accounts in the range include the 45 Day Notice Account at 0.50 percent.
It warned however that it “Aims to offer savers products that are competitive within the marketplace at launch.
READ MORE: Savings deals ‘finally see stabilisation’ as interest rates rise
“Notice accounts are ideal for those looking to maximise returns on savings that they do not need immediate access to.
“Now is a good time for customers to review their financial aims over the next few months and to ensure their savings are working hard for them.”
Taking action now would be wise as additional analysis from Moneyfacts recently highlighted that rates on average are continuing to decline.
As of June 18, the average no notice savings rate stood at 0.1656 percent.
Additionally, recent inflation news may add pressure to the savings market.
UK inflation recently reached 2.1 percent, higher than the Bank of England’s target of two percent and Kevin Mountford, the co-founder of savings provider Raisin UK, commented on this.
He said: “The latest BoE report shows that we are saving more than ever with over £1.7trillion now stashed away in various savings products which is up by £200million over the last 12 months.
“However this comes at a time when interest rates remain at an all time low and even worse inflation is racing ahead and at 2.1 percent has exceeded the Goverment target.
“Whilst it may be difficult to determine the longer term impact of the increase in inflation, it clearly has a further negative impact for savers and in the current market it makes it impossible to realise positive net returns.
“This said, there have been some recent signs that the likes of fixed rates are improving but often the leading rates do not last very long and therefore savers need to remain vigilant and be prepared to secure leading rates when they can.
“There are also other incentives available within the market and as an example Raisin.co.uk is paying a welcome bonus of up to £100 so coupled with the right product offering this could clearly help to bridge the gap with the latest inflation figure.
“Regardless of the wider macro market, continued uncertainty is likely to see us saving even more albeit in order to boost the economy both individuals and businesses are required to spend more and get the tills ringing so it will be interesting to see how things play out over the coming months.”